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Rate continues to improve but is......>

DOLLAR-CANADA
DOLLAR-CANADA: Rate continues to improve but is yet to trouble yesterday's highs
of C$1.3268 as CAD continues to follow oil prices closely. After rising through
$54.50 earlier in the European morning, WTI now sits flat on the session and
back below $53/bbl after Reuters reports that Saudi Arabia had cut oil OSPs to
certain customers. Should the USD/CAD rally extend, resistance may be found on
an approach into the C$1.3217 21-dma as well as the $1.3226/47 levels, marking
the 38.2% and 50% Fib retracement levels for the C$1.3333-1.3160 move. Bank of
Canada rate decision due tomorrow takes focus from here, with markets expecting
no change to policy at 1.75%.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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